PUNDIX Supports Ethereum Upgrade
PUNDI X supports the Ethereum upgrade which is famously known as “The Merge”. The Ethereum Merge is estimated to happen anytime soon between Sep13 to 16, 2022. For better security of the token transactions, Pundi X will pause all deposits and withdrawals on the Ethereum network from Sep 12, 2022, at 00:00 GMT+8 until the merge is completed and the network is stable.
The affected services include:
- Deposits and withdrawals of all ERC20 digital assets in XWallet
- ETH On-chain Payment and Crypto Sales
- Deposit and withdrawal requests of USDT and DAI ERC-20 on the merchant portal
SPECIAL NOTICE
- Transactions among XWallet, XPOS, and XPASS cards using the Cashier module are not affected.
- The service suspension does NOT include BNB, BTC, and USDT BEP20 on-chain payment and on-chain crypto sales transactions.
- Deposits and withdrawals of BEP20 stablecoins in the Merchant Portal will not be affected
- PUNDI X will resume the services after the Merge is completed and the networks are stable. They will notify users in a further announcement.
What is the Ethereum Merge?
The Ethereum Merge is set to move the Ethereum blockchain network away from an energy-intensive proof-of-work (PoW) model to a more environmentally-friendly proof-of-stake (PoS) mechanism, meaning merging the Mainnet with its new proof-of-stake consensus layer, the Beacon Chain.
Proof of stake means transactions are verified on the blockchain by different nodes. Crypto owners can then stake their coins to create validator nodes on the network and get a chance to verify transactions. Once they verify transactions, they get back rewards in crypto for their contribution — in this case, Ethereum. Compared to the previous proof-of-work consensus, the network’s energy usage will drop by more than 99%.
When is the Merge?
The first step of the Merge is the Bellatrix update, which was successfully activated on September 6, 2022. The next and final step is the Paris update. In this update, the PoW chain will be deactivated when the total terminal difficulty (TTD) value of 58750000000000000000000 is reached. There is no confirmed termination timing, but it is estimated to happen between September 14 to 15, 2022.
ABOUT PUNDI X
Pundi X is a leading developer of blockchain-powered devices, including the world’s first point-of-sale solution, the XPOS, which enables merchants and consumers to do transactions on the blockchain in physical stores.
